Five tips for the second half of 2023

Five tips for the second half of 2023

Summer is a time of relaxation, reflection, and family fun for many of us. Professionally, it can be tempting to wind down during this season. It can be a great time of year, however, to get a jump start for the busy months ahead.

In this issue, we asked past contributors Bill McGuire , Susan Theder , Oren Chaplin , Jim Frawley , and Mat Mathews to share tips for the second half of the year. Advice ranged from focusing on strategy, to compliance and technology, all the way to building deeper client relationships.

Oren Chaplin probably summed it up best when he said it boils down to adapting to and embracing change. So, whether you’re on the beach, adventuring, or sitting in your backyard, put your feet up and take a moment to reflect on their tips and consider a takeaway you can put into action in your practice.

Cynthia Stephens

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1. Embrace change

Changing technology and changing regulatory requirements all boil down to one skill: adapting to and embracing change. “Be ready for movement in the industry.?There will be advisors looking to move their book of business to different platforms, companies looking to acquire, and those who seek an exit plan. Be open to different opportunities whether you are the one making the move, seeking to acquire, or whether you are the one looking to sell/exit,” says Oren Chaplin, Co-Chair and Business Lawyer at Pashman Stein Walder Hayden P.C.

Beyond movement in the industry, keep watch for the changes that will occur within your own practices. Be ready to adapt to the updates in your clients’ lives and make mid-year evaluations of their progress. According to Mat Mathews, SVP of Product Management at Advisor360°, “Mid-year is a great time to check in with your clients to see if their goals have changed, if they’ve had any new material changes in their lives, or to do some second half tax planning.”

Ultimately, navigating change is an integral aspect of growing and building. Jim Frawley, CEO and Founder of Bellwether, emphasizes that “Change is a constant...and a constant distraction. This distraction takes away from our longer-term vision. Step back from the shiny new objects/utilities/opportunities and recognize how these items (i.e., AI or new people strategies) can fit into a bigger machine.?Revisiting your vision and adjusting it accordingly should not only be a practice for the second half of this year, but almost quarterly?going forward.”

“Change is a constant...and a constant distraction.” —Jim Frawley

2. Build relationships

Another mid-year focus should be fostering the best possible relationships with prospective clients and networking with your larger communities. Maybe not surprisingly, social media is the best networking tool of choice to forge relationships with young prospects. Bill McGuire, Managing Director of W.M.McGuire Marketing, recommends leveraging social platforms to “get more involved in the professional and local communities you serve.” He continues, “It’s a great way to have genuine engagement. A great place to start is by checking out their event calendars and planning to attend some events and meetings. If you’re already active in a community, find a committee or position to volunteer in that would benefit from your area of expertise. Proactive participation enables advisors to be more effective in serving their clients, building relationships, and contributing positively to the community.”

As any advisor will attest, existing relationships are just as important as the ones you seek to forge, and relationship building does not stop once you have the clients. It is vital to cultivate and continuously improve the relationships you have with your current clients. “It’s a great time to review clients’ comprehensive wealth planning needs to see where else they could use help and to start to build connections across their families,” says Mathews. In the financial advisory role where clients place their funds and future in your hands, a trusted relationship is paramount and not to be underestimated no matter the time of year.

“Proactive participation enables advisors to be more effective in serving their clients, building relationships, and contributing positively to the community.”—Bill McGuire

3. Review the tech landscape

As we have seen, building strong relationships with new and existing clients is incredibly important and advisors can utilize technology to help build these relationships. Mathews explains, “It’s always a good time to understand what’s on the tech landscape, especially as it relates to engagement preferences of clients and how they are changing, especially across generations. For example, many younger investors want more self-service capabilities and ‘digital’ communications capabilities, and choice of technology can drive better and more efficient client engagements.”

These generational nuances have been fully captured in Advisor360°’s newest report assessing the client expectations of financial advisors, due to be explored thoroughly in next month’s newsletter issue. According to Advisor360°’s Connected Wealth Report: Client Edition, “While 74 percent of clients check their portfolios through their financial advisor’s client portal at least weekly, 33 percent of Generation Z and young millennials are in their accounts daily, higher than any other generation surveyed.” Newer generations are more engaged than ever, so the challenge for advisors looking to grow their business becomes meeting these prospects at their level and frequency.

“It’s always a good time to understand what’s on the tech landscape.”—Mat Mathews

4. Stay compliant

As technology develops, compliance regulations and expectations change as well. Chaplin states that advisors should, “Prepare to change the way that you protect your practice.?The rules of restrictive covenants are evolving, and you need to pivot with those changes to ensure that your clients and your intellectual property are protected.” Remember to always appreciate the unique responsibility of financial advisors to safeguard the critical information with which they’ve been trusted.

“Prepare to change the way that you protect your practice.” —Oren Chaplin

?5. Focus on your content marketing strategy

For Susan Theder, Chief Marketing and Experience Officer at FMG Suite, financial advisors should center their attention on their content marketing strategy. In a previous newsletter, she emphasized why it is important for advisors to have a strong content marketing strategy. She said that “To keep up with changing client expectations and stay competitive in a crowded market, financial advisors and broker-dealers are turning to innovative marketing technologies that can help them reach and engage clients in new ways.”

There is no doubt that a strong content marketing strategy can be beneficial for advisors; however, advisors may be left wondering what kind of content they should produce and how often? Luckily, Theder has an answer: “I recommend focusing on a monthly content marketing strategy that includes blogs, emails, and social posts to ensure consistency, frequency, and relevancy. Marrying a strong content strategy with social proof from testimonials is, in my opinion, the best marketing approach for advisors looking to grow their businesses!”

Posting consistently is essential but the quality of content is also crucial to the success of a content strategy. Content that serves to educate and displays expert industry knowledge can only help grow advisors’ businesses.

Please leave a comment and let us know how you enjoyed our experts’ advice for financial advisors. To see what clients are saying about their relationships with their advisors, read our Connected Wealth Report: Client Edition here .

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About our contributors:

Bill McGuire , WMMcGuire Marketing

Bill McGuire is managing director of W.M.McGuire Marketing, a full service marketing firm supporting the wealth management industry. We help businesses grow with common sense and a keen eye towards your budgets, deadlines & results.

Susan Theder , FMG Suite

Susan Theder is the Chief Marketing and Experience Officer at FMG Suite and a member of the company’s Senior Leadership Team. Susan places an emphasis on the importance of customer-focused strategies that leverage data and technology to deliver personalized and customized experiences that WOW.

Oren Chaplin , Pashman Stein Walder Hayden P.C. ?

Oren Chaplin serves as co-chair of the firm's Corporate & Business Law practice, is a corporate and business law attorney who acts as outside general counsel to businesses and business owners on legal, compliance, and contracting issues in both regular operations and special/extraordinary transactions and initiatives.?

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Jim Frawley , Bellwether

Jim Frawley is Chief Executive Officer and Founder of Bellwether. Jim and Bellwether build resilient organizations and people by helping them plan for and respond to change through bespoke executive coaching and customized workshops.?

Mat Mathews , Advisor360°

Mat Mathews oversees and supports the Product team with all future and existing initiatives. Mat is skilled in complex technology markets and focused on distilling strategies into compelling stories and driving action by building and motivating high-performance teams.

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Enjoyed this newsletter?

Read more tips for advisors here: https://www.advisor360.com/resources/financial-planning

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